Oakman Group swings to £13.9m loss in FY20
The pub group also saw an EBITDA loss for the period of £2.6m as its ‘performance in the year was severely affected by the impact of the Covid-19 pandemic’
The Oakman Group announced that it operated over a total loss of £13.9m for the year ended 30 June 2020 in a preliminary statement of the group’s annual accounts.
The pub group also saw an EBITDA loss for the period of £2.6m as its “performance in the year was severely affected by the impact of the Covid-19 pandemic”.
The company’s full FY20 results are not due to be published via Companies House until 31 July 2021.
However, the group claimed to have seen a 4% like-for-like sales growth and 13% total sales growth before the introduction of the first lockdown in March 2020.
Following the “frustrating and disappointing” year, the company has been left with net liabilities of £10.8m, although this figure increased to positive assets of £13.6m after the reclassification of shareholder loans and funds.
Since the period end, Oakman said that it saw a 38.5% two-year growth in like-for-like sales in the first week after the reopening of indoor hospitality.
Moreover, the group added that it expects to make a “substantial” EBITDA profit in FY21, and have 40 operational sites by the end of FY22.
Peter Borg-Neal, executive chairman at the company, said: “We are trading very successfully, have retained the vast majority of our colleagues and have grown our estate.
“We believe that hospitality has been closed and restricted to a far greater extent than was necessary but now is the time to look forward to the future and play our part in rebuilding the economy.”
He added: “We are very well placed to take advantage of the strong consumer demand we anticipate in the year ahead and are placing no limitations on the scale of our ambition.”
